Property Valuation
An appraiser performing a 'drive-by appraisal' (exterior-only) for a Colorado property is providing:
AA. A full interior and exterior inspection
BB. A limited appraisal based on exterior observation and public records data, which may not fully reflect interior condition✓ Correct
CC. The same reliability as a full interior appraisal
DD. An illegal appraisal under Colorado law
Explanation
A drive-by (exterior-only) appraisal involves observing the property from the street and relying on public records, MLS data, and other available information. It does not include an interior inspection, making it less reliable for detecting interior defects or improvements. Lenders use drive-by appraisals for certain refinances and lower-risk loans.
Related Colorado Property Valuation Questions
- The 'effective age' of a building in Colorado appraisal refers to:
- An appraiser in Colorado uses 3 comparable sales to value a property. The adjusted values are $385,000, $392,000, and $395,000. What is the most likely final value indication from reconciliation?
- A Colorado home has a market value of $450,000. The residential assessment ratio is 7.15%. What is the assessed value?
- Which appraisal approach would an appraiser most likely use to value a newly constructed home where there are no comparable sales in the immediate area?
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